SOUTHAMPTON, N.J. — Recovery Management recently announced a strategic alignment with Digital Recognition Network to boost vehicle recovery rates for lenders.

Thanks to the alignment, now all recovery professionals who are channeled through RMI can attempt to locate a vehicle. That's because of the accessibility of Digital Recognition Network's license plate recognition technology.

A network of camera-equipped vehicles and integration with the Recovery Database Network has resulted in enhanced recovery results for lenders. Digital Recognition Network executives contended they have recovered more than 30,000 vehicles during the past 18 months because of its system.

Bringing together RMI and Digital Recognition Network into the recovery process can work in one of two ways for lenders.

If the vehicle is located by a lender-approved agent, an instant message can appear on the agent's laptop advising them to contact RMI to receive the repossession assignment.

Furthermore, if the vehicle is located by a non-lender approved agent, only RMI and not the camera operator will receive a notification message of a possible hit. At that time, RMI can assign the repossession assignment to the lender's closest approved agent and close the account with the previous lender-approved agent.

Officials from both companies stress to lenders that this new alignment means collateral recovery efforts are being done 24 hours a day, seven days a week. They went on to mention that this alignment also can help lenders enhance relationships with recovery agents and reduce the chances for double assignments.

"Essentially, we're creating a 24/7 collateral recovery department for lenders," explained Joe McOwen, president of RMI.

"Unlike forwarding companies, we're not a barrier between a lender and their agents," McOwen continued.

"Rather, we serve as an extension of their team by managing the assignment process with their approved agents," he added.

The announcement between RMI and Digital Recognition Network comes on the heels of another alignment joining the technology provider and a recovery entity. The American Recovery Association and Digital Recognition Network recently revealed a three-year joint marketing and sales agreement. The deal can allow ARA members the chance to receive significantly reduced rates on license plate recovery camera kits.

Cort DeHart, president of Digital Recognition Network, highlighted that both alignments with RMI and ARA mean significantly higher chances for lenders to make quicker, more efficient recoveries.

"We have long believed a more ‘rapid response' approach to recovery would drastically increase recovery rates for lenders," DeHart noted.

"While our technology has played a significant role already, the development of this model required a responsible approach to allow lenders and their agents to maintain their existing relationships, while mitigating liability issues by insuring that the program would never result in the double assignment of a recovery order," he concluded.